Why You Should Downsize Your Home
Bigger is not always better. Especially when it comes to your home. Having a big home may be a dream to some, but it can become a nightmare when you actually own one. From the outsize mortgage to the costs to heat, light and cool a big house, to the upkeep, it can be too much for some people to handle.
Downsizing can be the answer to have more control over your life and finances. If you’re on the fence about it then you may need this list of reasons to move to a smaller house before you hire a mover and write out your Moving House Checklist.
In this article, I will give you several reasons you should be moving to a smaller home.
Save for retirement
If you are getting older and it seems like your retirement plans are not going to happen since your finances are not looking good, then downsizing is the answer. Reducing your mortgage alone will help you hit your retirement figures much faster especially if you feel time is running out.
The money you save on utilities and repairs can also be moved over to a retirement fund instead of throwing it away. You’ll save money on property tax and landscaping as well as insurance and just about everything else.
A large home may be the biggest barrier to your dreams of being financially independent when you retire.
Pay down your debt
If you have student loans, medical debt or credit cards that are out of control, then you can really make some progress paying them down by downsizing.
Even just putting an extra $500 a month towards your debts can have you living debt free in just a matter of a couple of years. And that is just what you would likely have extra just from the mortgage savings. If you use the savings from all the other areas of home ownership then you can knock the debt down even faster.
A big house can usually mean a big headache. Repairs are also usually bigger when you have a big house. If you bought an old house then the cost to repair goes up even more.
The average cost to install a new roof, which will need to be done at some point in your life, is around $7,000 for a medium sized home. A large one will cost even more.
Foundations are also very expensive to fix and usually need some work done to them at some point. You’ll also have to paint or put siding up on your house and the bigger it is the more it costs.
Enjoy more time for hobbies
People with big houses spend a lot more time cleaning, fixing and landscaping than people with small houses. Weekends are almost always dedicated to doing things around the house.
When you have a small house, those things take far less time. This is time that you can spend doing things you actually enjoy. Instead of landscaping, spend your time fishing or going out with friends.